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野村人保(1339.HK)业绩胜预期目标4.28港元建议“买入”
格隆汇 08-26 17:09

中国人民保险集团(01339.HK)今年上半年的纯利按年增加59%,远高于野村预测的26%升幅。野村认为人保的寿险业务改善,产险业务前景亦回稳,维持其目标价4.28港元,即较上周五(23日)收市价3.03港元仍有上升41%的空间,评级维持“买入”。

野村发表研究报告指出,人保中期业绩受惠于:(1)税收回收46.9亿人民币,相当于其税前盈利的24%;(2)总回报率由去年同期的5.1%提高至今年的5.4%。同时,强劲的投资表现亦刺激集团的淨资产半年增加13%。

报告说,人保的产险业务综合成本率按季改善1.2个百分点至97%,产险保费收入按年增加15%,令市佔率扩大2.1个百分点至35.1%,预期今年馀下时间逆周期监管措施将持续,有利市场领导者提高市佔率,并维持甚至改善利润率。

报告又指出,人保的寿险及健康保险的营运表现于今年上半年亦见好转,新业务价值按年增加24%,寿险内涵价值半年升17%,主要得益于强劲的投资表现。

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